By Lloyd Sherman

This report covers the current activities against the same timeframe last year. In this case, December 2021 vs December 2022. It also reflects the results for 2019, 2020, & 2021. I also break down sales on single-family properties by county and provide some additional granular data.

Information provided comes directly from the MLS (Cooperative Arkansas Realtors MLS – CARMLS) and contains only information from within the Village boundaries. Other sources may be providing their statistics based on zip code and most of them also contain lot and townhome information, which this report breaks out as their own categories. It is also worth to note these numbers are provided several days after the month has closed which may result in differences down the road due to data not having
been updated by the Realtor community. This report is effective with data available on 1/5/2023.

Single Family properties sold in December 2022

  • 35 closed in December – 615 for 2022
  • Available for sale = 83 (As of January 1, 2023)
  • Average selling price – $393,815
  • Median selling price – $310,000
  • Average selling price per square foot – $169.53
  • Average days on market – 12
  • Under Contract – 26
  • Taking Backup Offers – 14

December 2022 in Saline County closed was 21 of the 35, with an average selling price of $433,911 or $179.20 per square foot (psf). 14 were closed in Garland County at an average selling price of $333.671 or avg psf of $155.01.

A total of 615 homes have been closed for YTD 2022. Average selling price for the YTD 615 is $344,635 or 152.44. This represents a 16.6% improvement in the psf selling cost over 2021.

Of the YTD 615, 61 are new builds of which six (6) were closed in December of 2022. The average PSF of new builds was 186.14. In Saline County in 2022 there were 313 closed, with an average selling price of $409,181 or an average PSF of $165.98. Garland County had 299 closed of the total YTD at an average selling price of $276,821 or $138.36 per square foot.

Single Family properties sold in December 2021

  • 71 closed – 741 for 2021
  • Average selling price – $302,023
  • Median selling price – $263,000
  • Average price per square foot – $130.05
  • Average days on market 12

Through December of 2021 there had been 741 single-family properties sold. The average selling price for the year of 2021 was $302,023 or 130.05 per square foot. The average days on the market was 23.

During this same period in 2021 an additional 131 townhomes had been closed making the
overall total 872, compared to an overall total for 2022 of 714.

State of the 2022 Market

1) Inventory in December 2022 came in at 83, again giving home buyers more choices. But we are in the slow season right now and some of these properties may sit for a while before a buyer comes forward. Of particular interest is that 24% (20 of the 83) are new construction that are now just sitting there waiting for a buyer. Additionally, those 24% have been on the market an average of 88
days.

2) It is safe to say the Seller’s market we experienced earlier this year is over for now. The economy and elevated interest rates have curbed the real estate market nationwide and appears to have done so in HSV. We were in hopes that our gated community would remain attractive to those in high population centers, but selling all over has been seriously diminished.

3) Between both single-family and townhome properties, we are currently running 158 closings behind where we were at this same time in 2021.

4) We are currently running 22.1% behind where we were at this same period in 2021. Expectations for a year like we had in 2021 are behind us and will most likely stay so until the economy improves, however I should point out that many of those escaping high-density areas will continue to find HSV a desirable place to live.

NOTE: Keep in mind that these numbers only include transactions that have gone through the MLS and as such, will not include those where lot owners have contracted directly with a builder, or someone has sold FSBO.

Condos/Townhome Sales

Townhome sales for YTD ’22 have been 99 closed. In YTD 2021 there had been 131 townhome properties, which represents a 32.2% decline. Much of that may be due to a lack of inventory coming onto the market.

Lot Sales

Through 12/31/2021 316 lots had been closed at an average selling price of $19,981. In 2022 that number is 244 at an average selling price of $16,246. This category shows a reduction of 72 properties or 29.5%

The overall inventory of available MLS lots is 603. This does not include the 5,497 lots that are owned by the POA. There is also another 6019 that are in the Delinquent/Unproduction category.

Information provided comes directly from the MLS (Cooperative Arkansas Realtors MLS – CARMLS) and contains only information from within the Village boundaries. Other sources may be providing their statistics based on zip code and most of them also contain lot and townhome information, which this report breaks out as their own categories. It is also worthy to note these numbers are provided several days after the month has closed which may result in differences down the road due to data not having been updated by the Realtor community.

DISCLAIMER: Many continue to ask how long this market will continue. Given the current national climate, I don’t see much of a change in our current market for at least the remainder of 2022. These statements represent only the opinions of the writer and the questions I have about the current market conditions and how much further buyers will go before the price becomes a
limiting decision. The fact that many are fleeing high-density areas and relocating to places like the Village should be a favorable sign for us, but like most things these days, time will tell.

Feel free to reach out to me at [email protected] if I can answer any questions for you. For disclosure purposes, I am a Realtor® and the numbers reported here come directly from the MLS.